Analysts at the review service Lookonchain reported that as a result of a single large transaction for the sale of SHAR tokens, the market value of this meme coin fell by 96%.

An unknown insider withdrew more than half of the liquidity of the memcoin of the SHARPEI project, leaving other asset holders in bewilderment and losses, according to Lookonchain figures.

On Wednesday, October 23, an unknown asset holder accumulated approximately 500 million SHAR in his crypto wallet, approximately 67% of the total aggregate supply. He transferred assets from 104 disparate cryptocurrency wallets. The accumulated SHAR stock was then sold in a single transaction for $3.38 million.

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As a result of this major sell-off, the price of the SHARPEI memcoin fell from $0.042 to $0.0027. By data GeckoTerminal, now the SHAR price fluctuates around $0.003209 with a total asset capitalization of just over $3.22 million.

Earlier, billionaire and owner of the Dallas Mavericks basketball club Mark Cuban called memcoins “progressive liquidity withdrawal schemes” (rug pull), but acknowledged their entertainment potential.